Wednesday, May 28, 2008

Local Home Prices Drop Again

Wed, May 28, 2008 at 8:02 AM

We admit to a hint of cautious optimism when we learned that Bay Area residents had started buying homes again, but that fleeting hope has been quite efficiently obliterated by the latest news. The East Bay Business Times reports that in March, Bay Area home prices dropped by...wait for it...twenty percent from a year ago! All that equity just drying up and wafting away. The Bay Area's housing collapse is just barely exceeded by the nation's leading losers, Las Vegas and Miami. Ouch.